www.iva.co.uk

Morning all, just a question about offering a full and final.
im currently with payplan and i pay £120.49, im just coming up to completing my 2nd year of a 6 year IVA.

How would i go about offering a f&f? Does the money have to come from friends or family or could i ask my work if they could put of the funds for a full and final with them then taking the money out of my wages each month?

Was thinking about offering £120.49 x 48 months which i have left

Hi,

You can ask your company - my stepdaughter did that a few years ago then paid them back via her salary. You could ask family.

You could try making a lower offer initially.

The offer based on remaining payments is a good one. The funds will have to come from friends or family and will need to be a "gift" --- you cannot borrow in an IVA. If and how you decide to repay after the IVA has completed will be none of their concern! But an advance of salary might not be allowed, being, technically, a loan.

Make it clear to your IP that the funds are from a 3rd party and will only be available for the purposes of a F&F. If refused the donor will keep the money and it will not be available to the IVA.

Payplan take longer than most to get these things organised, so I would also suggest that you tell them that the offer will reduce by each monthly payment made in the meantime.

Also Payplan have a habit of mentioning bankruptcy in the offer and will threaten that creditors might petition for it rather than accept the offer --- tell them to remove this "suggestion" from the variation proposal.

My stepdaughter had no problem with having the money from her company which she then paid back. They 'gave' her the money but it was not an advance as such.

Agree with Foggy about the bankruptcy clause - just tell them to remove it.

hi thankyou, if my company accepts then what will payplan need from the company?

I presume they will want paperwork to say they are offering this money and that it is only available for a full and final and will be withdrawn if not accepted.

Ok thankyou i will have a talk with my work and then see what the next step will be

Best of luck.

Fingers crossed and let us know how you get on.